New Collective Quantified Goal
The Conference of Parties (COP) in 2009 set the goal of affluent countries committing “$100 billion per year till 2020” to underdeveloped nations. The New Collective Quantified Goal (NCGQ), a benchmark that takes developing countries’ needs and priorities into consideration, was established as part of the 2015 Paris Climate Accord.
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It raises the bar for developed countries’ commitment, is meant to firmly ground the changing needs and priorities of developing nations in scientific evidence, and is meant to address “the ever-increasing sums of funding necessary for Loss and Damage in response to failed and/or delayed financial support.”
Developed countries contributed $83.3 billion in 2020 out of the planned $100 billion annually. Developed nations need to take on greater responsibility because their economic progress has been accompanied by significant increases in carbon emissions.
According to a recent analysis by the Center for Science and Environment, only around 5% of climate finance is provided by grants, with the remainder coming from loans and equity that place a “debilitating” debt issue on developing nations. The most financially disadvantaged nations must endure lengthy waiting periods and hefty interest rates, which add to their debt loads.
NCQG, according to developed nations, must be seen as a “common aim” for both developed and developing nations. Experts are concerned that this reasoning forces “net zero” pathways on developing nations, which cannot afford to pay for mitigation, adaptation, loss, and damage in addition to sustainably expanding essential infrastructure. Governments also make the case that the crucial element of climate finance is mobilising private sector loans and investments.
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